What a year 2023 was for the Nasdaq Composite index. After the technology-heavy index plunged more than 33% in 2022, it rebounded by soaring more than 43% last year. Since the index launched in 1971, the year following a rebound year (like 2023) has also been very lucrative, delivering double-digit returns.

Of course, every economic backdrop is different, and there are fundamental reasons why the 2024 Nasdaq returns could differ. In fact, the first week of the year showed that some investors are selling technology and moving into dividend payers, like utilities and real estate investment trusts (REITs).

But whether or not the overall index thrives again this year, there is one unique Nasdaq stock that one famous investor is now buying. There are some compelling reasons others should follow that move, but it's not without risk.

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Source Fool.com